BRICS+ Cross-Border Payments System Feasible, but Common Currency Faces Major Hurdles: Report

Source: Firstpost | Original Published At: 2026-10-30 18:38:40 UTC

Key Points

• A think tank report recommends that BRICS+ central banks develop a common cross-border payments mechanism to reduce reliance on the US dollar.
• The report says a shared BRICS+ currency would require dramatic reforms, including greater central bank independence, a common monetary authority, and fewer restrictions on capital flows.
• It warns that geographic dispersion and reluctance to delegate policy autonomy make a BRICS+ currency unlikely in the near term.
• BRICS leaders previously agreed at their India summit to continue work on faster, cheaper cross-border payments and greater use of local currencies.
• US President Donald Trump has threatened tariffs if BRICS members create a common currency or back an alternative to the US dollar.